Akzo Nobel divests its UV/EB Resins business

Thu, Oct 07, 2004 08:53 CET

Akzo Nobel divests its UV/EB Resins business
Arnhem, the Netherlands, October 7, 2004 - Akzo Nobel has signed an agreement to sell its Ultra Violet/ Electron Beam (UV/EB) Resins business to Cray Valley S.A. of France (part of the Total Group). Sales of the business were EUR 27 million in 2003.
Akzo Nobel announced its intention to sell this business - part of Coating Resins - in September 2003 as part of a divestment program aimed at strengthening the Company's balance sheet and creating more financial room to maneuver.
In August 2004, Akzo Nobel completed the sale of its Catalysts and Phosphorus Chemicals businesses for a total of around EUR 850 million. The divestment of the main part of the Coating Resins business is on schedule and is expected to be completed in 2004.
Closing of the UV/EB transaction is expected to be in the final quarter of 2004. The divestment covers the entire business. Key locations are Eccles in the United Kingdom and New Brunswick (New Jersey) in the United States. Employee representative bodies and unions have been informed. Regulatory approvals will be sought as and where appropriate.
UV/EB Resins' - acrylated monomers and oligomers - market focus is primarily on the inks, wood coatings, plastic coatings and opto-electronics segments.
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Not for publication - for more information
Akzo Nobel N.V.
Corporate Media Relations, tel. +31 26 366 4343
Contact: John Jennings
Note for the editor
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated sales for 2003 totaled EUR 13 billion. The Company currently employs almost 64,000 people in more than 80 countries. The financial results for the third quarter will be published on October 19, 2004.
Internet: www.akzonobel.com; www.crayvalley.com
Safe Harbor Statement*
This press release may contain statements which address such key issues as Akzo Nobel's growth strategy, future financial results, market positions, product development, pharmaceutical products in the pipeline, and product approvals. Such statements should be carefully considered and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more complete discussion of the risk factors affecting our business please refer to our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission. A copy of which can be found on the Company's website. Fax +31 26 366 49 40 * Pursuant to the U.S. Private Securities Litigation Reform Act 1995.
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